The naira loses against the dollar on the official market

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The naira fell slightly against the US dollar in the official market on Monday due to the drop in the supply of currencies.

According to data released by the FMDQ Stock Exchange where forex is officially traded, the naira closed at N 413.68 to $ 1.

This is down 0.80N or 0.2% from the 412.88N it traded on Friday.

The currency supply fell 60.30 percent on Monday with $ 91.23 million recorded at the box office of the cash market compared to $ 229.79 million posted Friday last week.

The local currency touched an intraday high of N409.00 and a low of N415.00 during the trading session before closing at N413.68 on Monday.

The currency has seen an unprecedented decline in the parallel market in recent weeks after the Central Bank of Nigeria suspended sales of foreign exchange to exchange bureaus.

CBN Governor Godwin Emefiele on Friday also blamed the rapid drop in rates posted by Abokifx, a website that monitors the black market in Lagos.

On Friday, the naira fell to 570 in this segment of the market, leaving a gap between the official and unofficial market at N156.32.

As of Monday, that rate had not changed, according to dealers who spoke to PREMIUM TIMES.

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